Akur fjárfestingar slhf.‘s acquisition of shares in Iceland Excursions Allrahanda ehf./GRAY LINE ICELAND EHF

The Icelandic Competition Authority (ICA) has reviewed an investment by Akur fjárfestingar slhf. in shares of Iceland Excursions Allrahanda ehf./GRAY LINE ICELAND EHF. The proposed investment will incur a change of control by involving Akur fjárfestingar slhf. in joint control over GRAY LINE ICELAND along with their current shareholders. Akur fjárfestingar slhf. is a private equity fund managed by Íslandssjóðir which is a fund management company and a subsidiary of Íslandsbanki. GRAY LINE ICELAND is one of the largest tourist companies in Iceland, it operates a broad set of services in the industry such as bus tours and a travel agency. It is the assessment of the ICA that the merger will raise impediments to effective competition. Therefore the merging parties have signed a settlement with the ICA and undergone certain commitments. The conditions of the commitments are intended to ensure the independence of GRAY LINE ICELAND from Íslandsbanki and shareholders that hold shares in their competitors.